Allianz to sell life portfolio in Italy

German insurer Allianz is looking to sell a USD5 billion portfolio of life insurance policies in Italy, according to sources.

Europe's biggest insurer has selected Goldman Sachs to run the sale of the closed life policies, which no longer accept new business but remain on an insurer's books as premium paying policies, stated a Reuters report.

Allianz, which ranks as Italy's fourth biggest life and health insurer, is facing pressures from rock-bottom interest rates and has decided to sell a series of Italian life policies which pay a two percent minimum interest rate, the sources said.

The portfolio — worth around EUR4.5 billion (USD5.09 billion) — has drawn interest from London-based private equity house Cinven, the sources added, adding that no deal was certain.